All Questions
Tagged with canada tax-deduction
78
questions
6
votes
2
answers
163
views
Does an RRSP loan provide any benefit, vs. simply making monthly RRSP contributions?
While evaluating a short term RRSP loan like this one, the numbers seem good on paper. But:
If I need to save $1,000 in tax deductions, I need to put the entire borrowed money into the RRSP before I ...
- 16k
1
vote
1
answer
126
views
Should I contribute to my RRSP or wait?
I am Canadian and I have a large amount of RRSP contribution room. I do have money to contribute, but I will have no taxable income this year.
Should I make my RRSP contributions now, or save the ...
- 11
2
votes
1
answer
772
views
Taxes and childcare expenses deduction for a dual-income couple in Alberta?
We live in Alberta and need to know if we should obtain a receipt for childcare. We paid $2400 last year. My common law husband made $49000 last year and I made $28500. Is this worth it? Will our ...
- 21
2
votes
1
answer
1k
views
Can BC university tuition tax credits only be applied to income earned in BC?
I completed my undergrad in BC, and I have since moved to Ontario. I have collected tuition tax credits in both provinces, so regardless of where I end up working, I will have tax credits from a ...
- 23
4
votes
2
answers
284
views
Deferring claim of significant purchase of RRSPs
If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns.
...
- 14.1k
3
votes
1
answer
2k
views
In Canada, can tuition paid by an RESP withdrawal be claimed on the income tax return?
Can tuition fees be claimed on the tax return if the money was withdrawn from an RESP we've been contributing to?
user2801
2
votes
3
answers
1k
views
What's the best secure tax deductible investment?
I will receive a lump sum amount as a voluntary departure pkg. I live in Ontario, Canada and want to know what I should invest this amount in (GIC/Mutual Fund) that will get a high return and be tax ...
mdchampagne
9
votes
4
answers
4k
views
Donating books to charity & claiming a deduction on my income tax: How to value the goods?
I have a large number of books. I tried selling them on Amazon, but they don't cost enough to make up for the shipping. I tried selling them at local book stores, but they barely took any of them ...
- 661
6
votes
1
answer
426
views
Can I get a tax deduction for giving towards my grandchildren's education?
I have 4 Canadian grandchildren. Can I get a charitable tax deduction if I give towards their education?
Dianne
4
votes
1
answer
2k
views
Can I claim a UK or foreign charity donation as tax deductible in Canada?
Can I claim a UK charity donation as tax deductible in Canada?
More generally, are charitable donations to foreign charities tax deductible in Canada?
user454
2
votes
1
answer
426
views
Which investment option provides the best income tax benefit? [Canada]
If I have $100 to invest and I have the ability to choose from the following:
GIC at 3% interest
Shares that I might later sell at $105
Shares that pay a dividend of $3
Assuming that the period is ...
- 6,230
8
votes
3
answers
468
views
If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?
Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
- 8,683
3
votes
2
answers
5k
views
Can vet / veterinary bills be considered deductions (tax-deductible) for Income Tax purposes [Canada]?
When I gathered all my 2009 receipts in preparation for my Income Tax filing, I came across a large number of expenses incurred for my pets. Are these expenses tax-deductible?
- 8,683
1
vote
1
answer
6k
views
Child care expenses: How much deduction can be claimed on tax return? [Canada]
How much deduction can be claimed for child care expenses on a Canadian income tax return, for 2009?
Does it vary by province?
Are receipts required to claim a child care expenses deduction?
4
votes
1
answer
2k
views
Canadian income tax & charitable donations: How much is income tax reduced by donations?
In Canada, how much is income tax reduced by charitable donations?
When filing, are there any special requirements to qualify for the deduction or credit?
- 31.7k